Market Overview - On September 24, the digital media sector rose by 0.1% compared to the previous trading day, with Fantawild leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Key stocks in the digital media sector showed the following performance: - Fantawild (301313) closed at 25.34, up 3.43% with a trading volume of 25,400 lots and a turnover of 63.22 million yuan [1] - Visual China (000681) closed at 20.21, up 3.16% with a trading volume of 197,600 lots and a turnover of 394 million yuan [1] - Mango TV (300413) closed at 32.48, up 2.30% with a trading volume of 179,200 lots and a turnover of 578 million yuan [1] - Other notable stocks include: - Business Treasure (002095) at 19.58, up 2.30% [1] - People's Daily Online (603000) at 19.77, up 2.07% [1] Capital Flow - The digital media sector experienced a net outflow of 24.78 million yuan from institutional funds and 30.54 million yuan from speculative funds, while retail investors saw a net inflow of 55.32 million yuan [2] - Detailed capital flow for key stocks includes: - Visual China had a net inflow of 31.46 million yuan from institutional funds but a net outflow of 30.59 million yuan from speculative funds [3] - Mango TV saw a net inflow of 10.40 million yuan from institutional funds and a net outflow of 38.51 million yuan from retail investors [3] - People's Daily Online had a slight net outflow of 0.95 million yuan from institutional funds [3]

Market Overview - On September 19, the digital media sector rose by 1.07%, led by Zhidingmai, while the Shanghai Composite Index closed at 3820.09, down 0.3% [1] - The Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Zhidingmai (300785) closed at 41.60 with a gain of 4.52%, trading volume of 209,900 shares and a turnover of 880 million yuan [1] - Mango Super Media (300413) closed at 33.01, up 4.00%, with a trading volume of 307,600 shares and a turnover of 1.016 billion yuan [1] - Other notable stocks include Chuanwang Media (300987) at 18.56 (+2.26%), Xinhua Net (603888) at 19.79 (+0.35%), and People's Daily (603000) at 68.61 (+0.15%) [1] Capital Flow - The digital media sector experienced a net outflow of 76.9435 million yuan from institutional investors, while retail investors saw a net inflow of 92.1514 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Mango Super Media saw a net inflow of 93.2077 million yuan from institutional investors, while retail investors had a net outflow of 77.3054 million yuan [3] - Chuanwang Media had a net inflow of 12.8304 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Zhidingmai faced a net outflow of 8.3551 million yuan from institutional investors, but retail investors contributed a net inflow of 2.13767 million yuan [3]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-09-17 | *ST返利 | 600228 | 50 250 | 西南证券股份有限 | 方正证券股份有限 | | | | | | | 公司岳阳通海南路 | 公司上海浦明路证 | | | | | | | 1 + - | 04 = 11. +17 | | 9月17日，*ST返利大宗交易成交50万股，成交额250万元，占当日总成交额的3.98%，成交价5元，较市场收盘价5.52元折价9.42%。 ...

Core Viewpoint - The recent market rally has led to an increase in stock prices, yet major shareholders and executives of listed companies are announcing plans to reduce their holdings, raising questions for ordinary investors about the implications of such actions [1] Group 1: Shareholder Actions - Shareholders have the right to reduce their holdings as part of exercising their property rights, provided that the actions adhere to principles of fairness, justice, and transparency [1] - Insider selling by major shareholders or executives may signal a lack of confidence in the company's future or suggest that the current stock price is overvalued [1] Group 2: Company Performance - *ST Fanli, formerly ST Changjiu, has seen its revenue decline, with projected revenue for 2024 expected to be less than 300 million yuan, leading to its designation as "*ST Fanli" [3][5] - The company has struggled to meet performance commitments made during its acquisition of Shanghai Zhongyan Information Technology Co., with completion rates of 52.60%, 43.17%, and 29.04% for the years 2021, 2022, and 2023 respectively [5] Group 3: Financial Metrics - In the first half of 2025, *ST Fanli reported approximately 186 million yuan in revenue, a year-on-year increase of 36.01%, but incurred a net loss of about 33.28 million yuan [6][5] - The company's sales expenses grew significantly, increasing by 100% compared to revenue growth of 36%, raising concerns about whether the company is inflating revenue figures to meet regulatory requirements [5][6] Group 4: Regulatory Issues - The company received a warning from the Jiangxi Securities Regulatory Bureau due to inaccuracies in its financial disclosures, which violated regulations regarding information disclosure [7] - The inaccuracies were related to the estimation of variable consideration in advertising contracts for the first quarter of 2024, leading to a correction in financial data [8]

Core Viewpoint - The recent market rally has led to an increase in stock prices, yet major shareholders and executives of listed companies are announcing plans to reduce their holdings, raising questions about the implications of such actions for ordinary investors [1] Group 1: Shareholder Actions - Shareholders have the right to reduce their holdings as a normal exercise of property rights, provided that the actions are conducted fairly and transparently [1] - Insider selling by major shareholders or executives may signal a lack of confidence in the company's future or suggest that the current stock price is overvalued [1] Group 2: Company Overview - *ST Fanli, formerly known as ST Changjiu, underwent a major asset restructuring in 2020, acquiring 100% of Shanghai Zhongyan Information Technology Co., which operates the e-commerce platform "Fanli.com" [2] - The company has established partnerships with major e-commerce platforms and local service providers, but its overall revenue is currently shrinking, with projected revenue for 2024 expected to be less than 300 million yuan [2] Group 3: Financial Performance - In the first half of 2025, *ST Fanli reported approximately 186 million yuan in revenue, a year-on-year increase of 36.01%, but incurred a net loss of about 33.28 million yuan [4] - The company's sales expenses have significantly outpaced revenue growth, with sales expenses increasing by 100% compared to the revenue growth of 36% [4] Group 4: Regulatory Issues - The company received a warning from the Jiangxi Securities Regulatory Bureau due to inaccuracies in its financial disclosures, which violated regulations regarding information disclosure [5] - The inaccuracies were related to the estimation of variable consideration in advertising contracts for the first quarter of 2024, but the corrections did not affect previously disclosed financial reports for the year [6]

Market Performance - The digital media sector increased by 0.9% on September 16, with Shengyibao leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Shengyibao (002095) closed at 21.20, up 3.21% with a trading volume of 104,400 shares and a turnover of 220 million yuan [1] - Zhidema (300785) closed at 41.83, up 2.57% with a trading volume of 133,400 shares [1] - Visual China (000681) closed at 21.27, up 2.41% with a trading volume of 372,300 shares and a turnover of 783 million yuan [1] - Other notable stocks include Fengyuzhu (603466) at 10.02, up 1.73%, and Zhangyue Technology (603533) at 20.22, up 1.46% [1] Capital Flow Analysis - The digital media sector saw a net inflow of 88.94 million yuan from institutional investors, while retail investors experienced a net outflow of 78.77 million yuan [2] - The main capital inflow was observed in Visual China with 65.01 million yuan, while Zhidema had a net inflow of 25.55 million yuan [3] - Conversely, *ST Fanli (600228) and Chuanwang Media (300987) experienced net outflows of 2.53 million yuan and 0.21 million yuan respectively [3]

人民财讯9月15日电，*ST返利（600228）9月15日晚间公告，公司持股9.29%的股东江西昌九集团有限 公司(简称"昌九集团")为优化资产结构，拟通过集中竞价方式减持不超过417.01万股，占本公司总股本 的1%。 ...

关于 5%以上股东集中竞价减持股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况 江西昌九集团有限公司（以下简称"昌九集团"）为返利网数字科技股份有 限公司（以下简称"本公司"）持股 5%以上的股东。截至本公告披露日，昌九 集团持有本公司无限售流通股股份数量为 38,733,394 股，占总股本的 9.29%。 减持计划的主要内容 昌九集团为优化资产结构，自本公告披露之日起 15 个交易日后的 3 个月内， 拟通过集中竞价方式减持不超过 4,170,100 股，占本公司总股本的 1.00%。 证券代码：600228 证券简称：*ST 返利 公告编号：2025-052 返利网数字科技股份有限公司 (二)大股东此前对持股比例、持股数量、持股期限、减持方式、减持数量、 减持价格等是否作出承诺 √是 □否 2025 年 9 月 15 日，本公司收到持股 5%以上股东昌九集团《关于拟减持返 利网数字科技股份有限公司股票相关计划的告知函》（以下简称"告知函"），告 知本公司其拟集 ...

智通财经APP讯，*ST返利(600228.SH)公告，公司股东昌九集团为优化资产结构，自本公告披露之日起 15个交易日后的3个月内，拟通过集中竞价方式减持不超过417.01万股，占公司总股本的1.00%。 ...

*ST返利（600228）(600228.SH)公告，公司股东昌九集团为优化资产结构，自本公告披露之日起15个交 易日后的3个月内，拟通过集中竞价方式减持不超过417.01万股，占公司总股本的1.00%。 ...